Thursday, September 9, 2010

Tax Cuts for the Wealthy Extended??

http://www.huffingtonpost.com/2010/09/09/gibbs-bush-tax-cut-resolu_n_710749.html?ref=twitter
This article is interesting because during Obama's political campaign, one of the things he emphasized was the "redistribution of wealth"; on numerous occasions he said he would end tax cuts for the wealthy and redirect them to the middle class. So when I found this article on Huffington Post it caught my interest. This article has to do with the tax cut that the Bush administration had directed towards the wealthy and whether Obama would try to veto the tax cut out. The White House Press Secretary Robert Gibbs is disregarding the concerns with Obama's actions as "pointless" on whether he extends and declines the tax cuts. "Congress, he implied, is likely to pass the president's preferred package: an elimination of those cuts with an extension of the tax rates for those making less than $250,000" (Huffington Post).To the contrary, an ABC interview on Good Morning America, ABC, President Obama refused on four occasions to commit himself to vetoing on the legislation that would temporarily extend the Bush tax cuts for the wealthy -- leaving the impression that he could in the end be willing to keep rates in place for a short period of time. Seems to me something is going on. What's that about?? Obama backing down on his "promises"??

2 comments:

  1. I don't know if I would call it "redistribution of wealth," but, Obama did promise to be an advocate for the middle class. What's interesting, is that the extremely wealthy few, who are obviously in favor of keeping the Bush Era tax cuts, would gain tremendously from the middle class having more money to spend.

    The lower and middle class have a much higher propensity to consume, whereas the wealthy simply invest it. These investments offer no economic stimulation, and do not create jobs, however, by placing the money back in the hands of the people who actually spend it will!

    When will people figure this out?! I am glad to see Obama once again campaigning for the middle class.

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  2. WOW!! I appreciate it you bringing it down for me. Thanx for you comment! :)

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